CBE Grants Bank Audi Egypt ‘Mobile Payment’ Licence – Sources

Bank Audi S.A.E. is now licenced to offer its clients in Egypt the mobile payment services, according to banking sources spoke to Amwal Al Ghad on Thursday.

The Central Bank of Egypt (CBE) has approved to grant Bank Audi – Egypt the licence that enables it to provide clients with the mobile money transfer services, said sources with knowledge of the talks between CBE and Audi.

Hence, Bank Audi – Egypt, a member of Lebanon’s Audi Saradar Group with operations across the MENA region – is set to launch the mobile payment service in cooperation with the bank-owned organization, the Egyptian Banks Company for Technological Advanced (EBC).

“Many banks in Egypt are considering to launch the mobile payment services within this year, including Banque Misr which so far has not officially asked the CBE for it.” The sources added

In 2013, the National Bank of Egypt (NBE), Housing & Development Bank  (HDB) and BNP Paribas have started offering their clients the mobile payment services, in cooperation with the three mobile operators in Egypt.

Egyptian Banks Company (EBC) was established in 1995 with the approval of the Central Bank of Egypt and the Ministry of Finance (MOF). It was established with the aim for providing and constructing a comprehensive infrastructure for financial electronic payment solutions in Egypt.